Stockland's president Michael Quinn claims Australia's property market is in the "worst condition" he's seen in 20 years.
He made the claims at a media briefing yesterday, adding that cheap housing could be the answer to boosting activity.
"The market is split into three sectors, premium, affordable and rental. The premium end - the $2 million mark in Sydney - is tough, while the affordable end is poised for some growth and investors are coming back into the rental sector," he told The Sydney Morning Herald.
While Stockland's properties were "cheaper to buy than rent," consumers were putting off purchasing as they expect prices to fall, he said.
He confirmed Stockland was investing more in the affordable housing market.
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